Southwest Bancorp Inc. Reports Third Quarter 2010 Results
STILLWATER, Okla., Oct. 20, 2010 (GLOBE NEWSWIRE) -- Southwest Bancorp, Inc. (Nasdaq:OKSB), ("Southwest"), today reported net income available to common shareholders of $2.8 million, or $0.15 per diluted share for the third quarter of 2010, compared to $1.1 million, or $0.07 per diluted share for the third quarter of 2009, and $3.4 million, or $0.19 per diluted share for the second quarter of 2010. Net income available to common shareholders for the nine months ended September 30, 2010 was $9.5 million, or $0.55 per diluted share, compared to $6.3 million, or $0.43 per diluted share, for the nine months ended September 30, 2009.
Rick Green, Southwest Bancorp's President and Chief Executive Officer, stated, "We are pleased with our solid performance this quarter. Earnings for the third quarter were based on stable net interest income and controlled noninterest expenses. We increased our allowance for loan losses by $5.4 million in the third quarter after recording $6.6 million in net charge offs. Our annualized quarterly ratio of net loan charge-offs to portfolio loans remained at approximately 1.00%.
The Board of Directors and management are dedicated to the resolution of problem credits, the maintenance of capital and liquidity, stability in net interest income, and control of operating expenses. We continue to manage our loan portfolio through this difficult credit climate with our ongoing, disciplined workout process focused on addressing the challenges of the commercial real estate construction and commercial mortgage sectors. We are encouraged that the state economic factors for our principal markets in Oklahoma, Texas, and Kansas continue to outperform most of the nation. We continue to make loans in each of our markets with an emphasis on health care lending and carefully controlled real estate collateralized credits.We maintain a solid capital base. Our second quarter common stock offering gave us $54.3 million in new common equity. Southwest and its banking subsidiaries have maintained capital levels that substantially exceed the minimums for regulatory "well-capitalized" status. At September 30, 2010 Southwest's total regulatory capital was $475.0 million for a total risk-based capital ratio of 18.45%, and Tier 1 capital was $442.2 million for a Tier 1 risk-based capital ratio of 17.17%."
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